Comdex USD Cryptocurrency Forecast
Comdex USD cryptocurrency downgraded to Sell Candidate
(Updated on May 16, 2024)
No changes to the price of Comdex USD cryptocurrency on the last trading day (Thursday, 16th May 2024). During the last trading day the cryptocurrency fluctuated 0% from a day low at $0.0236 to a day high of $0.0236. The price has fallen in 7 of the last 10 days and is down by -7.41% for this period.
The cryptocurrency lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0263 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the cryptocurrency is expected to fall -56.84% during the next 3 months and, with a 90% probability hold a price between $0.0053 and $0.0113 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CMDXUSD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Comdex USD cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $0.0243. On a fall, the cryptocurrency will find some support from the short-term average at $0.0233. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Comdex USD cryptocurrency
Comdex USD finds support from accumulated volume at $0.0233 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the cryptocurrency tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the cryptocurrency During the last day, the cryptocurrency moved $0 between high and low, or 0%. For the last week the cryptocurrency has had daily average volatility of 3.17%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CMDXUSD) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Comdex USD to open at $0.0236, and during the day (based on 14 day Average True Range), to move between $0.0224 and $0.0248, which gives a possible trading interval of +/-$0.0012 (+/-5.09%) up or down from last closing price. If Comdex USD takes out the full calculated possible swing range there will be an estimated 10.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0237 (0.44%) than the support at $0.0233 (1.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Comdex USD cryptocurrency A Buy?
Comdex USD holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this cryptocurrency. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.382 Sell Candidate Downgraded
Predicted Opening Price for Comdex USD of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| $0.0236 ( 0%) | $0.0236 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CMDXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0236 | . | |
| R2 | 0.0236 | . | ||
| R1 | 0.0236 | . | ||
| Current price: | 0.0236 | |||
| Support | S1 | 0.0236 | . | |
| S2 | 0.0236 | . | ||
| S3 | 0.0236 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0261 | 10.52 % | |
| R2 | 0.0259 | 9.47 % | ||
| R1 | 0.0237 | 0.440 % | ||
| Current price | 0.0236 | |||
| Support | S1 | 0.0233 | -1.26% | |
| S2 | 0.0227 | -3.86% | ||
| S3 | 0.0225 | -4.88% |
FAQ
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